TMI Blog2015 (6) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... or Scheduled Bank. Admittedly, the assessee is not a Scheduled Bank and, therefore, the provisions of section 43D were not applicable. In the case of ACIT v Punjab State Cooperative Bank Ltd. (2013 (8) TMI 476 - ITAT CHANDIGARH ), the relief was granted mainly on the basis of section 43D and, therefore, that decision could not have been relied on for dismissing the Revenue’s appeal in the presen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c. Application the Revenue has sought rectification of an error which has crept into the order of Tribunal in ITA No. 526/Chd/2013 dated 25.02.2014. 2. The Ld. DR referred to the Misc. Application and pointed out that Revenue s appeal was decided by the Tribunal with regard to the issue of relief allowed by CIT(A) on account of interest accrued on non performing assets. This issue was raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of ACIT v Punjab State Cooperative Bank Ltd. (supra) has been reproduced. He further pointed out that even the Assessing Officer has discussed this issue regarding provisions of section 43D in the assessment order itself. He contended that since assessee is not a Scheduled Bank, therefore, decision in the case of ACIT v s Punjab State Cooperative Bank Ld. should not have been applied. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ern Technologies Ltd v JCIT 320 ITR 577. The Assessing Officer further discussed the other decisions along with provisions of section 43D. The perusal of section 43D clearly shows that it applies only to the Scheduled Banks and this fact was admitted by Ld. Counsel also that the same applies only in case of Financial institution or Scheduled Bank. Admittedly, the assessee is not a Scheduled Bank a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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